Central Bank of Nigeria decries forex shortage

Governor of the Central Bank, Godwin Emefiele has offered an insight into why petroleum products marketers could not get foreign exchange to procure fuel overseas.

The CBN had appeared before House of Representatives Adhoc Committee on the Reduction of Petrol Prices.

The CBN boss, represented by his deputy, Sarah Alade said there was shortage of foreign exchange in the system.

Also, the Minister of State for Petroleum Resources, Ibe Kachikwu identified the full utilization of the local refineries as the panacea to the problem of shortages associated with foreign exchange and fuel supply.

He assured that by 2019, the nation’s refineries would be able to contribute about eight million out of over 20 million litres of petrol consumed in the country daily.

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